As companies look to differentiate themselves from the competition, customer experience has become a critical factor in achieving success. While there are many factors that contribute to customer experience, one significant area that companies should focus on is actionable business intelligence.
Understanding Actionable Business Intelligence
In today’s fast-paced business environment, it is more important than ever to have access to accurate, timely information that can help guide decision-making. This is where actionable business intelligence comes in.
What Business Intelligence Means
At its core, business intelligence (BI) refers to the process of gathering and analyzing data to provide insights that drive business decisions. This can include everything from customer data to sales figures to market trends.
While data analytics has been around for decades, business intelligence differs in its approach. Rather than focusing on historical data, actionable business intelligence is forward-thinking and aims to provide insights that can guide future decisions.
For example, a contact center might use BI tools to analyze customer feedback and identify the key areas that need improvement.
Key Components of Actionable Business Intelligence
Effective business intelligence includes three key components: data collection, data analysis, and action. Companies must collect relevant data, analyze it to figure out what it means, and then take action based on those insights.
If a company collects data but fails to analyze it, they will never be able to gain any useful insights from it. And if they analyze the data but fail to take action based on those insights, they will never be able to improve their business processes.
The Connection Between Business Intelligence and Customer Experience
Business intelligence and customer experience (CX) are two critical components of any successful organization.
How Business Intelligence Enhances Customer Experience
By leveraging the tons of data they collect, companies can gain insights into customer behavior, preferences, and wants, which can inform customer service efforts and other business decisions. Data can highlight areas where improvements can be made, from wait times to the channels they operate on.
For example, a company may use BI tools to analyze customer feedback and identify common complaints or issues. With this information, they can make changes to their product or service to address these concerns and improve the overall customer experience.
Identifying CX Metrics
Companies looking to improve the customer experience must first identify the metrics that matter. Metrics such as customer satisfaction, customer retention, and Net Promoter Score can provide a snapshot of how well a company is doing in terms of customer experience. This data can then be analyzed for insights that drive business decisions in the contact center.
For example, a company with a low customer satisfaction score may use BI tools to analyze customer feedback and identify the root cause of the problem. They may discover that customers are unhappy with the product’s quality or that the customer service team is not responsive enough. Armed with this information, the company can make changes to improve the customer experience and boost customer satisfaction.
By using BI tools to gain insights into customer behavior and preferences, companies can improve the customer experience and drive business success. Artificial intelligence can come into play here, too, where AI algorithms can analyze large volumes of data to uncover patterns and insights. BI tools can then present these insights in a user-friendly format. Identifying the metrics that matter and analyzing customer feedback contribute to being able to make data-driven decisions that lead better customer experiences and increased profits.
Choosing the Right Business Intelligence Tool
Garnering these insights requires the right tools. Companies must identify the analytics tools that best suit their needs and ensure that they have the right people in place to make the most of those tools. There are many different types of tools available, including dashboards, data visualization software, and predictive analytics tools.
Choosing the right BI tool is no small task, which is why it’s important to consider a third-party provider to work with you through the process. This allows you to leverage the provider’s expertise to figure out what you’re looking to get out of your business intelligence tool and walk you through your options. Wilmac is willing to offer our 30+ years of experience in selling and servicing workforce optimization solutions to help you navigate that landscape.
To differentiate in the competitive contact center market, it’s critical to leverage real-time data to identify where you can improve your customer experience. With actionable business intelligence, your data can be put to work.